...SYMBIOSIS LAW SCHOOL, PUNE Constituent of Symbiosis International University, Pune (Accredited by NAAC (UGC) with `A’ Grade) Managerial Economics Internal Assessment REPORT ON ‘LEASE AND HIRE PURCHASE COMPANIES’ Submitted by SIVAGNANAM KARTHIKEYAN ROLL NO: 135 DIV ‘B’ BBA. LLB. BATCH 2013-18 LEASING A lease transaction is a commercial arrangement whereby an equipment owner or Manufacturer conveys to the equipment user the right to use the equipment in return for a rental. In other words, lease is a contract between the owner of an asset (the lessor) and its user (the lessee) for the right to use the asset during a specified period in return for a mutually agreed periodic payment (the lease rentals). The important feature of a lease contract is separation of the ownership of the asset from its usage. Lease financing is based on the observation made by Donald B. Grant: “Why own a cow when the milk is so cheap? All you really need is milk and not the cow.” Leasing industry plays an important role in the economic development of a country by providing money incentives to lessee. The lessee does not have to pay the cost of asset at the time of signing the contract of leases. Leasing contracts are more flexible so lessees can structure the leasing contracts according to their needs for finance. The lessee can also pass on the risk of obsolescence to the lessor by acquiring those appliances, which have high technological obsolescence. Today, most of us are familiar...
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...Hire Purchase Loan Understanding the Statutory Rebate on Terms Charges (Hire Purchase Act 1967) It is impossible for the hirer of a hire purchase loan to check the amount of statutory rebate he is entitled to because the calculation formula is not mentioned in the hire purchase agreement. Also, the description of the formula in the Hire Purchase Act 1967 is almost incomprehensible to the common man. The hirer is entitled to a statutory rebate for terms charges and unexpired insurance. The statutory rebate for terms charges is calculated using a formula derived from section 2(1) of the Act. Simplified, the formula is as below: I X | (N) (N+1) | | (T) (T+1) | Where: I = amount of interest charged N = number of installments still to go T = total number of installments in the agreement * Car Purchase Price: RM100,000 * Deposit: RM10,000 * Loan Amount: RM90,000 * Interest: 10% (flat term charge) Let’s take a hypothetical example: Sarala has to pay a total of 60 instalments in a hire purchase agreement and she is charged an interest amount of RM45,000 (total interest for 5 yrs/60 months) for the whole period. She has already paid up 12 instalments before she decided to complete the purchase — early settlement. The statutory rebate for terms charges she is entitled to is: RM45,000 x (48) (48+1)/(60) (60+1) = RM28,918.10 Conclusion Indeed, the Rule of 78 was used in Indiana since 1935. It is commonly accepted and still widely used to calculate the rebate...
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...Non banking financial intermediaries Functions of hire purchase finance companies ire purchase (abbreviated HP, colloquially sometimes never-never[1]) is the legal term for a contract, in which persons usually agree to pay for goods in parts or a percentage at a time. It was developed in the United Kingdom and can now be found in Australia, China, India, Jamaica, Japan, Malaysia, New Zealand, and South Africa. It is also called closed-end leasing. In cases where a buyer cannot afford to pay the asked price for an item of property as a lump sum but can afford to pay a percentage as a deposit, a hire-purchase contract allows the buyer to hire the goods for a monthly rent. When a sum equal to the original full price plus interest has been paid in equal installments, the buyer may then exercise an option to buy the goods at a predetermined price (usually a nominal sum) or return the goods to the owner. In Canada and the United States, a hire purchase is termed an installment plan; other analogous practices are described as closed-end leasing or rent to own. If the buyer defaults in paying the installments, the owner may repossess the goods, a vendor protection not available with unsecured-consumer-credit systems. HP is frequently advantageous to consumers because it spreads the cost of expensive items over an extended time period. Business consumers may find the different balance sheet and taxation treatment of hire-purchased goods beneficial to their taxable income. The need for...
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...1.0 INTRODUCTION Hire purchase agreement or contract is an agreement of buying where the goods or assets are let out on hire by the seller or finance company to the user of goods or assets which is hire purchase customer (Hirer). The hirer payments at consistent intervals in the form of consideration and gets the proprietorship of the benefit after paying the last instalment. Hire purchase is a contract between two parties where a buyer decides to pay for goods in parts. The hire purchase agreement was first started in the United Kingdom for circumstances where the buyer could not afford to pay the required price for an item as a lump sum but could afford to pay at regular intermissions small amounts. The broker asks for a sum equal to the...
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...enough to keep their job will be able to start anew.Disadvantage:* There is no assurance of getting the same position that they had in their previous work at Linderman Industries for a reason that there are already some Mexican employees being assigned to certain jobs in the company.ii. Offer a monetary incentive provided that it will be a foundation for them to make their own business or look for another job.Advantage:* They will have an additional capital to begin aDisadvantage:* Additional cost for the company to incur.iii. Recommend them to other business firms.Advantage:* The company will be able to lessen the no. of excess employees.Disadvantage:* Not all of them will be able to have a job if ever there is a lack of establishments which hire competitive workers.Recommendation:* The group would like to recommend the first ACA (alternative course of action) wherein the company would take action of offering a position under the newly finished project which is compatible with the job description and expertise of...
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...Are tattoos appropriate in the workplace? Tattoos may or may not be appropriated in the workplace, because depending on what or where the tattoo located, there may or may not be an issue for the employers. It depends also on the employers industry and the type of job. Employees should be aware of the issues and the policy that prohibit tattoos. More and more employees are getting tattoos whether they are invisible or visible. There are some workplace can get exposed to a liability if the presence of the tattoo was an issue in making the hiring decision. The key for employers to have written policy that employees should be required to read and sign, about "no visible tattoos." Employers are reluctant to hire those with visible tattoos. Because, some tattoos are distracting, and it very unprofessional. Some people look at your tattoos and judges your appearance and stereotype you. I know applying for a job, you shouldn't have invisible tattoo, and because they might assume that the tattoo have a bad meaning. There shouldn't be any revealing tattoos during interviews. According to an article by Jennifer D. Melville even though tattoos are not allowed in the workplace, you can still have them just more in an unraveling setting. In a professional business setting, tattoos are unacceptable and should not be seen at all. I believe that tattoos do have a meaning when trying to get in a workplace, some peoples that have tattoos whether...
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...One of the girls did something that was inappropriate and she could be brought up on sexual discrimination charges for it. Our office is on video and audio at all times, so I had to make the decision to go to upper management about it. I had to take into consideration that it would be known I was the one who brought it to management’s attention, so I would be the bad guy. I also knew that if security saw it on video and I had not said something, I would be reprimanded. The values that I have as a senior lead, led me ultimately to make the choice to go to my boss, although knowing it was on camera also played a factor in my decision. I also felt that if a new employee saw this on the first day, she may be offended. As it turned out the new hire chose not to come back and I question whether the things she saw impacted her decision. Both the employee that was reprimanded and I were impacted by my decision, personally and professionally. The outcome was that she received a verbal warning and I am not the most liked person in the office. It makes it very hard to make decisions like these when we are friends away from work also, but when I took this job, I was aware that this may...
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...After losing Peter, Stephan has to make a tough decision, out of five people who to hire. Each candidate has something different to offer and this hire has to be good. He needs to find someone that will blend into the team and has all the positive attributes that Peter had. I think Sonia is the best for this position, she is driven and money is not her driving force. She cares about the industry and puts team work first. She is a strong powerful woman and would work really well on grooming Rina into her position eventually. I do not think Rina is ready for the job yet, but I think Sonia is the person Rina needs to be learning from. She is all the positive things Peter was, smart, driven, analytical, without being too competitive. Sonia did the best in the interview process and she seemed like the one that was willing to learn and also fit into the team role. I think if Sonia, if hired, will become more than an analyst but she will also become a servant leader to the organization. Sonia, is ready for the opportunity in a bigger firm and I do not think this opportunity is too big for her. I think she will need to reevaluate how much she travels but besides that she is a great fit. The highest profile people have been moving around lately, hard to find a great fit for the job. If Craig Roberts calls too many people word on the street will get out that RHS lost one of the top Semiconductor analyst, this could put the company in a hard position. Hard to find a star of Peters caliber...
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...impact their work life and thankfully there are a lot of laws to protect women's jobs when they are working. Most places do have great maternity leave programs that allow women to have children and get time off (usually paid depending on their status in the company) to have time to take care of the child when it is first born. Sometimes an issue can be when women are getting hired if the workplace knows a women is pregnant they will disciminate against that (even though it is not legal) and they will not hire someone as they see it as negative for the company. Even with hiring and getting promoted in the workplace woman who have children sometimes are seen as a "liability". This meaning that because a woman has children she is often see this way as the company thinks she would favor her children or what is going on in her personal life over her duties in her job. So the wy some companies see it is they can have someone with children who may be a liability or they can hire someone without children and not have this obstical to worry about. This kind of discrimination is considered illegal and shouldn't happen but sometimes it still does. So this part of a woman's personal life can impact her work as sometimes she is seeen as not being reliable or not being really dedicated to that...
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...BUS 2240 News Article Assignment Tap to hail In ever more cities, smartphone apps are reshaping the taxi market Oct 19th 2013 | LONDON AND NEW YORK |From the print edition * * All hail the quick, reliable taxi SINCE last month the citizens of Johannesburg have been able to hail and pay for taxis through SnappCab, a local start-up. A tap on SnappCab’s smartphone app summons a cab; a driver accepts on his own phone; and the passenger sees the driver’s name and photo, so he knows whom to expect and when. At journey’s end, he can pay with another tap through a pre-loaded credit card, or in cash. The idea is simple: the app makes it easier to bring together drivers, whose cabs are often empty, and passengers. Time and fuel are saved. Money is made. In many other cities taxi apps have taken off rapidly. Hailo, founded in London by cabbies and techies three years ago, says 60% of the city’s black-cab drivers are now on its books. Several cabs are decked out in Hailo yellow. It has spread to 14 places, most recently Osaka in Japan. Uber began in 2009 in San Francisco, which has a shortage of taxis but a surfeit of geeks looking for problems to solve. Now it can find you a ride in 49 cities in 19 countries. GetTaxi, set up in Tel Aviv in 2010, has reached London, Moscow and New York. Local apps can be found in cities from São Paulo to Singapore. Besides SnappCab, Johannesburg has Uber and Zapacab (which also started in Cape Town earlier this year) plying for trade. Apps...
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...what rights in the finished work. They want to use another's work beyond the bounds of fair use and need to know whom to ask for permission. The basics of who owns what are the same regardless of which concern one has, so we will cover the basics first, then show how those rules apply in the two situations above, and finally address how to protect your work. The basics The author is usually the owner. Except when the work-for-hire rules apply: The author's employer owns work(s) created by an employee within the scope of employment, or that fall within one or more of the nine statutory categories, where an agreement commissioning the work is in writing and signed by the creator or creators before work begins The nine statutory categories include: contribution to a collective work; part of a movie or other audiovisual work; a translation; a supplementary work; a compilation; an instructional text; a test; answer material for a test; or an atlas. If a work does not fit within the statutory definition of a work-for-hire, the employer may still own it if the author assigns the copyright to the employer or contractor. An author-owner is free to assign copyright to anyone, so a written contract can change these basic rules. Many publishers require assignment of copyright as a condition of publication. Policies, such as the U.T. System Intellectual Property Policy also change the ownership rules: They can permit faculty ownership of scholarly,...
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...With prom season blasting upon us, parents and teens need facts to make smart decisions regarding their limousine rental during this chaotic time. How do you pick a good limo company? Is the cheapest going to be the best? Are my kids going to be safe on this very important night? These are just a few of the questions and concerns that surface during the annual ritual we call Prom Season. Below are 10 tips to ensure that you are SAFE and STYLISH and SMART this prom season. 1) Always Look and Touch. You spend hours calling every limousine company to find the best deal on a Sacramento Party Bus rental, but how do you know that the car you have rented is the actual car that is going to show up? If a smoke-filled, 1970s, dented limo shows up, is it too late to say no…? Do you refuse to pay and end up sitting on the curb? Avoid these hassles by ALWAYS LOOKING AND TOUCHING. Go to your limousine company and see the cars firsthand. Once you make your reservation, GET A WRITTEN AGREEMENT showing the price and the actual limousine that will pick you up. 2) Know the TOTAL cost. Prom has ended and everything was great, but then the charge hits your parents’ credit card. It’s $300 more than what you expected and it’s now a month after the prom. Are all of your friends going to pay more money NOW…? Always ask about the total cost. Is there a mandatory 20% gratuity? Are there additional charges for every stop the limo makes? Are there surcharges or other fees? Is the normal 10-20%...
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... The purchasing agent was able to completely process a transaction from beginning to end without being cross-checked by another person or department. The purchasing agent was able to purchase diamonds, approve the invoices for payment and sign the checks with no one reviewing the purchases. This situation can allow for potential fraud in that the purchaser can either work with the diamond company to get a kickback. He may also write checks that are fraudulent. It also does not allow for monitoring of cash budgets and goals. A solution should be a separation of the duties to allow for crosschecking. The purchaser should buy diamonds another person in finance should approve the purchase and two people should sign the check such as the treasurer and vice president. Situation B. In Rachel William’s firm, there is a problem with Smart hiring practices and separation of duties. In a business with good internal controls, no important duty is overlooked. In this case there is no clear chain of command. The problem with this situation is that whenever the leader (Rachel) is gone, there is a breakdown in who is supposed to manage the office. This leads to inefficiency as production slows down. Morale also may be affected with no clear direction A solution to the problem is to either hire an office manager or designate one of the senior Architects as office manager. This will allow for continuity in the office and the maximum efficiency needed to accomplish goals. Situation...
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...On January 18, 1803, $2,500 is requested by Thomas Jefferson who sent a secret communication to Congress to get an approval for the expedition. Then, Napoleon offered to sell the Louisiana Territory to United States, which we accept in April 1803. In Spring 1803, Lewis (commander of the expedition) goes to Philadelphia to study botany, zoology, medicine, and navigation with the nation's best scientists. Lewis invites William Clark go on the expedition with him, and Clark accepts. Jefferson sends a team (Lewis and Clark) to explore the lands that they bought for the Louisiana Purchase. The Lewis and Clark expedition also known as The Corps of Discovery was the first American exploration of which is now the western part of the United States. Lewis and Clark start their expedition in 1804. They departed from St. Louis, Missouri and went all the way to the Pacific coast....
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...Inventory System Overview and Requirements Table of Contents System Overview 6 Brief Description 6 Project Initiator and Sponsor 6 Intended Users and Stakeholders 7 Requirements Specification 7 Overall Goals and Objectives 7 Elicitation Methods for Gathering Requirements 7 Observation and interviews 8 Document inspection 8 Functional Requirements 8 Front counter – sales of new and used video games 8 Front counter – purchase and intake of used video games 9 Front counter – customer requests 9 Bookkeeping – reconciling purchase and sales receipts with inventory levels and month-end reporting 10 Owner – purchasing 11 Owner – reporting 11 Nonfunctional requirements 11 Usability 11 Performance 12 Security 12 Stability and availability 12 Assumptions and constraints 13 Emergency preparedness 13 PC setup and maintenance 13 Network maintenance 13 Security 13 Functional Decomposition Diagram 14 Use Case Diagram 15 Data Flow Diagram 16 Sequence Diagram 17 User Input Forms 18 Testing 20 Unit Testing 20 System Testing 21 User Acceptance Testing 22 User acceptance stakeholders. 22 Error documentation and tracking 22 Quality Assurance Plan 23 Design. 23 Design and coding. 23 Testing. 23 Development Strategy 24 Insourcing. 24 Insourcing benefits 24 Insourcing challenges 25 Insourcing cost analysis 25 Outsourcing 25 Application Service Provider 25 ASP benefits 26 ASP challenges 26 ASP Cost...
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